Bitcoin (BTC) has the potential to skyrocket to $300,000 on the cryptocurrency market based on the macroeconomic environment. PlanB, a crypto analyst, made this prediction relying on a regression graph to plot Bitcoin’s trajectory.
Bitcoin: S&P 500 as catalyst
Notably, PlanB drew a correlation between the S&P 500 and the price of Bitcoin.
He suggests a link between growth on the traditional financial market and Bitcoin’s long-term outlook. If macroeconomic factors support a stock market rally in the broader financial space, this could be bullish for Bitcoin.
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Such a development could catalyze Bitcoin to the $300,000 level. PlanB believes that if the S&P 500 reaches 7,000 points in 2025, Bitcoin could soar to $300,000.
According to Bloomberg, the S&P 500 is currently at 5,672 points, but Wall Street stock market strategists remain optimistic that it could hit 7,007 points before the end of 2025. Christopher Harvey of Wells Fargo Securities is one of those optimists who is betting on this to happen.
If the S&P 500 holds up and hits the projected 7,000 points, PlanB’s prediction is likely given that digital assets appreciate during periods of monetary expansion or strong risk-asset performance.
ETF inflows and institutional confidence fuel bullish outlook
As of press time, Bitcoin has continued to face resistance at the $105,000 level, with market participants anticipating higher performance.
Bitcoin currently exchanges at $104,700.53, representing a 2.1% increase in the last 24 hours.
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However, as reported by U.Today, this might gain more boosts given that Bitcoin is about to form a golden cross. The event could set the leading digital currency up for a massive rally to hit the projected $300,000 of PlanB.
Interestingly, the Bitcoin ecosystem is growing increasingly bullish. Institutional interest has been rekindled, with Bitcoin exchange-traded funds (ETFs) flipping $40 billion in cumulative inflows.
This suggests increasing confidence among both institutional and retail investors.
